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. >> we're now a month away from the so called fiscal cliff. a drastic combination of mandatory spending cuts and tax hikes that could plunge the united states back into a recession. while there are plenty of hard w0rds from both sides, some terms of a possible zeal are making the rounds. kate bolduan has been following the back and fourth. >> don't get too excited about that, there's only one way to avoid the fiscal cliff. spending cuts and tax hikes. house republicans and president obama need to strike a deal on reducing the national debt. they have soundly rejected a white house offer that included $1.6 trillion in revenue, $400 billion in medicare and other entitlement savings, as well as a permanent increase in the debt limit among other things. so far, the rhetoric has not softened. treasury secretary tim geithner arriving on capitol hill for high level talks, most notably with house speaker john boehner. >> good morning, everyone. >> how did it go? just listen. >> despite the claims that the president supports a balanced approach, the de
. >> we're now a month away from the so called fiscal cliff. a drastic combination of mandatory spending cuts and tax hikes that could plunge the united states back into a recession. while there are plenty of hard w0rds from both sides, some terms of a possible zeal are making the rounds. kate bolduan has been following the back and fourth. >> don't get too excited about that, there's only one way to avoid the fiscal cliff. spending cuts and tax hikes. house republicans and...
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Dec 7, 2012
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go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of the country that will pay for the government for 8.5 days? >> bob: you couple that with the social security adjustments and medicare. 'canes that is not what geithner put on the table. >> dana: that is going to be on -- >> bob: that is what is going to be on the table. >> dana: republicans held their feet on the fire. >> bob: whatever it took. >> greg: i used to think howard dean was a proctologist because he had his head up his butt but he pulled the curtain back. it's never about raising taxes on the rich because you run out of rich. >> andrea: right. >> greg: that is the point. >> eric: raise tax on everyone who pays taxes or everyone? everyone means the poor and 47% will start paying. >> greg: if you raise taxes up 2%, eight days of government? >> andrea: the dirty
go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of the country that will pay for the government for 8.5 days? >> bob: you couple that with the social security adjustments and medicare. 'canes that is not what geithner put...
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Dec 6, 2012
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there is plenty of data to show that people don't even know what the fiscal cliff is. it shrinks rather than expands it. you don't spend. anti-keynesian has become the same politician involved in marriage and-- >> eliot: i distinguish between the two, the theological strand of the party is more of the social, same-sex marriage. >> i don't think there is as much distinction as you think there is. >> eliot: the second category, the tea part i began as economic empowerment. you're right. folks who say get government out of medicare, there is no logic to what they're saying. do youdo you buy it, but boehner is trying to harness and hold together that is fraught with inconsistencies. >> well, first of all i agree with sam. i think-- >> eliot: am i outvoted? i'm not sure that i like this. >> it's a distinction without a difference in the first two groups, and i don't think there is a third group left not with any power. do i think boehner is trying to rein in his caucus by sending a couple of rookie pitchers down to aa? if john boehner wanted control of his caucus he could d
there is plenty of data to show that people don't even know what the fiscal cliff is. it shrinks rather than expands it. you don't spend. anti-keynesian has become the same politician involved in marriage and-- >> eliot: i distinguish between the two, the theological strand of the party is more of the social, same-sex marriage. >> i don't think there is as much distinction as you think there is. >> eliot: the second category, the tea part i began as economic empowerment....
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Nov 29, 2012
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the fiscal cliff? >> listen, there's a framework that we presented to the white house two weeks ago. the framework is -- has been agreed to in terms of really a down payment on the end of this year. that would include spending cuts and it would include revenue. setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible question ] going over the fiscal cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse for the economy? [ inaudible question ] could you include a debt limit that is in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had a price tag a
the fiscal cliff? >> listen, there's a framework that we presented to the white house two weeks ago. the framework is -- has been agreed to in terms of really a down payment on the end of this year. that would include spending cuts and it would include revenue. setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible...
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. >> republicans offered a plan to avoid the fiscal cliff through significant spending cuts. >> we put revenue on the table as long as it's accompanied serious spending cuts to avert the crisis. >> the bipartisan bowl deficit plan had savings worth pursuing. >> they identified $1.1 trillion tax expenditures, benefits, deductions, credits and the like that could be cut as part of a grand bargain. i think we ought to look at that flat ten the code simplify it. >> harry reid told reporters yesterday he would like to get credit for what congress has previously cut. >> we have already done more than a billion dollars worth of cuts. >> the top democrat in the house took a similar approach. >> it is important to know that we have already agreed to over a trillion and a half dollars in cuts at both budget control and others in this session of congress. so now we are looking to see if we can do that. >> though asked what she would be willing to slash as part of this deal rank and file house members say they realize more must be done now. >> we get a senfolks making a mn dollars a year maybe the
. >> republicans offered a plan to avoid the fiscal cliff through significant spending cuts. >> we put revenue on the table as long as it's accompanied serious spending cuts to avert the crisis. >> the bipartisan bowl deficit plan had savings worth pursuing. >> they identified $1.1 trillion tax expenditures, benefits, deductions, credits and the like that could be cut as part of a grand bargain. i think we ought to look at that flat ten the code simplify it. >>...
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until they fix the fiscal cliff. at least let's fix the fiscal cliff and make sure that american families aren't faced with possible larger tax bills come january. >> wouldn't it just make you feel better if you didn't feel the real reason we'll get a fiscal cliff resolution, whether it's a little tinkering or something bigger, wasn't because they actually wanted to be home on christmas? >> i think that they absolutely should try to get this done. i certainly don't think they should go home before the situation is resolved. but i also think that when you are looking at what kind of congress we want, we want a responsive congress. we want a congress rooted in american communities, not inside the beltway. >> look, you just want mondays and fridays off, too, and your trying to make the argument to the national review as to why that is better. >> americans want their leaders to work, period. >> thanks to both of you. we appreciate it. of course, we want all your feedback. >>> next, the billionaire software tycoon john mc
until they fix the fiscal cliff. at least let's fix the fiscal cliff and make sure that american families aren't faced with possible larger tax bills come january. >> wouldn't it just make you feel better if you didn't feel the real reason we'll get a fiscal cliff resolution, whether it's a little tinkering or something bigger, wasn't because they actually wanted to be home on christmas? >> i think that they absolutely should try to get this done. i certainly don't think they should...
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will be will change completely because the fiscal cliff will be in effect and it is going to result in more than $500 billion in tax increases and spending cuts. so it could be hard to get the parties together in deciding how to change that in january. >> jean is following this very closely on cnnmoney.com. go there to get a good understanding of what this fiscal cliff is all about. thanks, jean. >>> word is that elizabeth warren, the brand-new senator-elect from massachusetts is angling to be appointed to the senate banking committee. i hope that happens. the consumer crusader is just what the committee needs. she was president obama's pick to run the newly created consumer finance protection bureau, which she designed, but republican senators on capitol hill refused to even consider confirming her. instead, they did their best to drive her out of town. >> so it has gone beyond your advice to treasury, you're also providing advice to other governmental agencies? >> congressman -- >> i understand, you can use the word congressman a number of times, miss warren, i'm simply asking a v
will be will change completely because the fiscal cliff will be in effect and it is going to result in more than $500 billion in tax increases and spending cuts. so it could be hard to get the parties together in deciding how to change that in january. >> jean is following this very closely on cnnmoney.com. go there to get a good understanding of what this fiscal cliff is all about. thanks, jean. >>> word is that elizabeth warren, the brand-new senator-elect from massachusetts is...
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Dec 4, 2012
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in republicans' counteroffer to avert the fiscal cliff, the rich get to keep their bush era tax cuts, even as the boehner budget slashes $1.2 trillion in spending, half of it from medicare, medicaid, and other social programs. it is a lump of coal delivered by the republican reindeer to the vast majority of americans. as for new revenues, they have reached in santa's sack for that old favorite. they plan to raise $800 billion by closing loopholes and deductions. only one problem a problem that flummoxes no less than mitt romney and paul ryan throughout the campaign, a problem as real today as it will be tomorrow -- the math. as the president explained in his first post-election interview on bloomberg this afternoon. >> it's a simple proposition that you can't raise enough revenue, and if you don't raise enough revenue through closing loopholes and deductions, then it's going to be middle class families who make up the difference. >> indeed. as the president notes, you can't get $800 billion in revenue without eliminating, for example, charitable deductions, which would put all manner
in republicans' counteroffer to avert the fiscal cliff, the rich get to keep their bush era tax cuts, even as the boehner budget slashes $1.2 trillion in spending, half of it from medicare, medicaid, and other social programs. it is a lump of coal delivered by the republican reindeer to the vast majority of americans. as for new revenues, they have reached in santa's sack for that old favorite. they plan to raise $800 billion by closing loopholes and deductions. only one problem a problem that...
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both for and include some of the spending cuts in this deal to avoid the fiscal cliff. because that's not what they're doing right now. should they include this? >> yes, and i know that democrats except that this has to be a balanced package that includes revenues and cuts and spending cuts. >> yet months ago, that ws voted down 99 to zero. earlier this week, the number two democrat in the senate, dick durbin, insisted maj spending cuts and entitlement reform will not be part of these talks. nancy pelosi has been noncommittal about whether cuts will be in the deal. still, they are trying to breathe into the talks with vice present biden shopping avenue costco in washington, picking up a big-screen tv and an apple pie and insisting he is optimistic of the deal. >> i am. all these folks in the store. they are ing to make a difference. reporter: a phone call last night betwee speaker boehner and the president was very curt. it signaled that the president is flexible on taxes by not being specific on the new rates. >> i will say that there can be no deal without rates on to
both for and include some of the spending cuts in this deal to avoid the fiscal cliff. because that's not what they're doing right now. should they include this? >> yes, and i know that democrats except that this has to be a balanced package that includes revenues and cuts and spending cuts. >> yet months ago, that ws voted down 99 to zero. earlier this week, the number two democrat in the senate, dick durbin, insisted maj spending cuts and entitlement reform will not be part of...
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insult and finger pointing in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats are firing right back at boehner. harry reid getting a little personal. >> i don't understand his brain, so you should ask him. okay? >> ouch. athena jones live from washington. same old same old. where do we go from here? >> that's the big question. the nice talk after the election is pretty much gone away. you mentioned one of the big sticking points, that's taxes. republicans and democrats can't agree on how to raise the tax revenue? end the bush tax cuts for the wealthy, close the loopholes, raise the capital gains taxes or all of the above. right now, they can't agree on how much money should be
insult and finger pointing in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats...
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the coming tax and fiscal cliff. joining us to talk about this, we're going to get a gop response, senate republican conference chairman john thune of south documeakota. welcome back to the show. "the washington post" runs an editorial today saying it's time for the president to unveil some leadership on entitlement reforms and spending cuts because he hasn't done it. i want to ask you at the president's pep rally today, did you hear any of those leadership reforms on spending and entitlements? >> i certainly didn't and, by the way, good evening, larry, it's nice to be with you again. i don't find myself often agreeing with the editorial page of "the washington post" but this time they had it right. the president right now, the pep rally today is going out again on friday is really a continue ways of the campaign when in fact right now what he ought to be doing is trying to find some common ground with republicans, with congress up here on capitol hill because we've got to do something to avert this fiscal cliff. the
the coming tax and fiscal cliff. joining us to talk about this, we're going to get a gop response, senate republican conference chairman john thune of south documeakota. welcome back to the show. "the washington post" runs an editorial today saying it's time for the president to unveil some leadership on entitlement reforms and spending cuts because he hasn't done it. i want to ask you at the president's pep rally today, did you hear any of those leadership reforms on spending and...
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. >> members of his own party seem quite comfortable with sending the economy over the fiscal cliff. no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> speaker boehner doesn't want to propose spending cuts, so now he's trying to pressure the white house to do it. >> there's been no serious discussion of spending cuts so far. and unless there is, there's a real danger of going off the fiscal cliff. >> a reporter asked senate majority leader harry reid about speaker boehner's comments. >> he says that democrats have got to get serious about cuts, spending cuts. where is the disconnect then? >> i don't understand his brain, so you should ask him. okay? >> and, of course, another day more republicans dumping grover norquist. among nebraska and is iowa republicans, most of them told the world herald this week they could support a broad budget agreement, even if the deal ends up including higher tax revenues. i won't have a problem with letting those tax rates go up, representative mike simpson said to reuters. but new york
. >> members of his own party seem quite comfortable with sending the economy over the fiscal cliff. no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> speaker boehner doesn't want to propose spending cuts, so now he's trying to pressure the white house to do it. >> there's been no serious discussion of spending cuts so far. and unless there is, there's a real danger of going off the fiscal cliff. >> a...
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january 2, 2013, $110 billion in fiscal cliff spending cuts due to begin. march 27, 2013, funding of the federal government expires. august 1, 2013, white house's suggested deadline for resolving major changes to the tax code and entitlements. ron has this to say about the fiscal cliff -- let's hear from ray in philadelphia, a republican caller. caller: good morning. i think the republicans have to get out a better message. if we realize we ran out of money for all the programs we are having, what is going to happen in another 10 years? what happens is, these people earning more than $250,000, they worked from the age of 18 to move up the ladder and finally reached success. the pint the republicans have to make is it is time to lower taxes on middle-class families. it has reached a pinnacle. it is time to may be lower taxes on the middle-class. we have to cut spending because the economy is in such bad positicondition. democrats keep pointing out that 98% of businesses are less than $250,000. 98% of people working in those businesses -- with that went to in
january 2, 2013, $110 billion in fiscal cliff spending cuts due to begin. march 27, 2013, funding of the federal government expires. august 1, 2013, white house's suggested deadline for resolving major changes to the tax code and entitlements. ron has this to say about the fiscal cliff -- let's hear from ray in philadelphia, a republican caller. caller: good morning. i think the republicans have to get out a better message. if we realize we ran out of money for all the programs we are having,...
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that reduce the deficit and avoid the fiscal cliff. we should not put out the hard decisions with gimmicks or triggers. that is what got us here in the first place. at this time to bite the bullet -- it is time to bite the bullet and make the tough decision. the first thing we should do is immediately and eminently extend the middle class tax cuts. this decisive action will ensure that millions of american families do not see a tax cut. -- a tax hike of $2000 in the next two months. we need a long-term solution. most serious plans recommend about $4 trillion to restore the balance. interest savings revives another $600 billion. brining home our troops from iraq and afganistan brings another $800 billion. this plan will strengthen the economy. it will put us on a stable path forward. it must ramp up over time if we will avoid slowing down the economic recovery. 40% of the long-term growth of federal health programs is due to rising healthcare costs. 40%. 60% is due to americans aging. 10,000 americans turn 65 every day. in fact, each an
that reduce the deficit and avoid the fiscal cliff. we should not put out the hard decisions with gimmicks or triggers. that is what got us here in the first place. at this time to bite the bullet -- it is time to bite the bullet and make the tough decision. the first thing we should do is immediately and eminently extend the middle class tax cuts. this decisive action will ensure that millions of american families do not see a tax cut. -- a tax hike of $2000 in the next two months. we need a...
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last night, we covered the details of the president's opening gambit in the fiscal cliff talk. he wants a $1.6 trillion tax increase, 50 billion and stimulus spending. and the white house has the ability to raise the debt ceiling without congressional approval. a ry big deal for folks there. today, the presidt is out there, trying to drum up support among the public. not in washington or with congress or the senate. here is what he had to say. >> it is not acceptable to me, and i do not think it is acceptable to you for a handful of republicans in congress will middle-class tax cuts hostage simply because they don't want tax rates on upper income folks go up. gerri: it sounds like the same old, same old. the president has been making the same comments again. is this any way to sell a plan? >> there really is not. the president is not being serious about this. the fact that the president is out there campaigning on this rather than negotiating, it means that those that are negotiating, such as secretary geithner, they probably don't feel bound by what the president is saying. th
last night, we covered the details of the president's opening gambit in the fiscal cliff talk. he wants a $1.6 trillion tax increase, 50 billion and stimulus spending. and the white house has the ability to raise the debt ceiling without congressional approval. a ry big deal for folks there. today, the presidt is out there, trying to drum up support among the public. not in washington or with congress or the senate. here is what he had to say. >> it is not acceptable to me, and i do not...
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. >> in a few moments, a discussion of house spending cuts in the so-called fiscal cliff. in a little less than an hour, more about the fiscal cliff with republican representative tom cole from oklahoma. then the head of fema testifies on capitol hill about the government's response to hurricane sandy. and later, senate debate on the u.n. treaty for the disabled. ♪ ♪ >> this weekend on c-span3's american history tv, follow harry truman easeleddest grandson to hiroshima as the city prepared to mark the bombing of the city in 1945. >> you know, everybody has their own view what happened, and i, i don't, i don't want to argue survival with anyone in japan about the history. i think we're past that. my whole purpose for being here is to listen, to honor the dead, to listen to the living and to see -- to do what i can to see this doesn't happen again. >> clifton truman daniel will join us sunday at 9 p.m. eastern on c-span3. >> now, a discussion of how the military and national security might be affected by spending cuts scheduled to take effect the first of the year. part
. >> in a few moments, a discussion of house spending cuts in the so-called fiscal cliff. in a little less than an hour, more about the fiscal cliff with republican representative tom cole from oklahoma. then the head of fema testifies on capitol hill about the government's response to hurricane sandy. and later, senate debate on the u.n. treaty for the disabled. ♪ ♪ >> this weekend on c-span3's american history tv, follow harry truman easeleddest grandson to hiroshima as the...
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i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong. >> there are some people saying we need a deal to avoid a huge tax increase but year end that would throw us into recession. just a thought, would you compromise in terms of let's say a smaller tax rate increase -- let's say the top rate goes to 37% instead of 40%, maybe the threshold goads es to $500,000 $750,000 rather than $250,000? does that interest you? >> no. but what about means testing for entitlement. why don't we say the rich get less social security and they pay more for their medicare? it meets the president's animus that we must get more money out of the rich. let's just send less
i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong....
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if the fiscal cliff is avoided, the federal government is expected to spend, let's do it this way, over threed a half trillion dollars. at's a lot of money, especially since they are only collecting to one-half in revenue and taxes. that leaves us with the deficit of one. that is the deficit. sizable it is. this will be the president's fourth for which he is personally responsible, fourth deficit excess of a trillion dollars. president obama wants to plug that trillion dollars hole by raising taxes on household incomes, as we all know that have income over $250,000. the top 2%. that would bring in $802 million, $82 billion. that's about 8% of tha deficit. so does that suggest we have a tax problem or, perhaps, a spending problem? think about this. taxpayers making morethan $250,000 representing the top 2% paid morehan 46% of all texas. that would seem like a pretty fair deal to most of us, but the president says it is not fair. we don't know what that number is. how much should it be? and contrary to what the president would have you believe as he campaigns untack sites all around the c
if the fiscal cliff is avoided, the federal government is expected to spend, let's do it this way, over threed a half trillion dollars. at's a lot of money, especially since they are only collecting to one-half in revenue and taxes. that leaves us with the deficit of one. that is the deficit. sizable it is. this will be the president's fourth for which he is personally responsible, fourth deficit excess of a trillion dollars. president obama wants to plug that trillion dollars hole by raising...
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. >> arthel: lawmakers now have exactly one month to strike a deal to avoid the fiscal cliff. tax hikes affecting nearly all americans and across the board spending cuts set to kick in at the end of the year. so far both republicans and democrats are digging in on their demands and neither is putting forth a plan. >> i'm willing to move forward in good faith. our original framework still stands. instead of raising tax rates, we can produce similar amount of revenue reforming the tax code to close loopholes and lower tax rates. that's far better for the economy. >> the clock is ticking. the year is ending. it's really important with tax legislation for it to happen now. we're calling upon the republican leadership in the house to bring this legislation to the floor next week. >> arthel: let's bring in steve centanni with more. >> as you can see, the two sides are taking strong stands on principle, but aren't really getting any closer to a compromise as we speed toward that fiscal cliff. the president hit the road appearing at a pennsylvania toy factory yesterday and appealing f
. >> arthel: lawmakers now have exactly one month to strike a deal to avoid the fiscal cliff. tax hikes affecting nearly all americans and across the board spending cuts set to kick in at the end of the year. so far both republicans and democrats are digging in on their demands and neither is putting forth a plan. >> i'm willing to move forward in good faith. our original framework still stands. instead of raising tax rates, we can produce similar amount of revenue reforming the tax...
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the president is drawing a line in the sand over the fiscal cliff talks. he said republicans must first cut a deal on middle class taxes. then they can wrestle over spending cuts. so as a businessman, do you agree with this strategy? >> well, don, great to talk to you today. i have to say it was a unique day to have marine one landing in our front yard and i couldn't ask for a better endorsement for the holidays than having the president of the united states buy some kinex this year. i think what the president actually said is what he said on the campaign trail, we're going to have -- both sides have to give, and we're going to have to get to a compromise to get a solution. and when i see the public skirmishing back and forth as a businessman, i'm frustrated and leaders in congress and congress don't seem to be able to understand the american people are watching and what they want say solution, not more bickering. >> what they want is a compromise. and even as a small business person, everyone talks about what the fiscal cliff could do to small business, w
the president is drawing a line in the sand over the fiscal cliff talks. he said republicans must first cut a deal on middle class taxes. then they can wrestle over spending cuts. so as a businessman, do you agree with this strategy? >> well, don, great to talk to you today. i have to say it was a unique day to have marine one landing in our front yard and i couldn't ask for a better endorsement for the holidays than having the president of the united states buy some kinex this year. i...
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customers because of fiscal cliff. >> i'm saying we reported there's a contraction. that could be good for stocks. >> if you get a resolution, then you get past that and businessless start to spend again. then the 2.7% gdp number, maybe it's higher than that. if we could get off the backs of businesses, we would get 5%, 6%, and it would go to -- >> but even with lower. >> i want to ask you this. the reason i want you to forget the fiscal cliff is the washington crowd will do something to stop all the tax quits from expiring. they're going to argue about the upper end. that's why there isn't going to be a fiscal cliff. you've got tax hikes next year from obama care, 3.8% tax hike on all the investments, and capital gains going up, different going up, inheritance tax. we're taxing or capital, taxes our seed corn. how you will that affect all this? >> that means you don't get to your gdp, but you have good things going on in housing. if you look at the core logic numbers this past month, that's very encouraging. in the face of all this, we have four years highs in consu
customers because of fiscal cliff. >> i'm saying we reported there's a contraction. that could be good for stocks. >> if you get a resolution, then you get past that and businessless start to spend again. then the 2.7% gdp number, maybe it's higher than that. if we could get off the backs of businesses, we would get 5%, 6%, and it would go to -- >> but even with lower. >> i want to ask you this. the reason i want you to forget the fiscal cliff is the washington crowd...
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in something like, what, 29 days now we're going to hit the fiscal cliff. spending cuts, tax hikes. until lawmakers can reach a deal. house speaker john boehner pr pretty blunt on on where he felt the cliff negotiations were standing. listen. >> i would say we're nowhere. period. we're nowhere. we've put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. >> the nothing he's talking about is the president's plan which was delivered to gop leaders last week by the treasury secretary, timothy geithner. ca calls for $1.6 trillion in new revenue. republicans say that figure is unacceptable. until they present their own plan the white house is standing by that proposal right now. despite the parties and lines in the sand we're joined by two republican law make rs. i've overwhelmed by republican lawmakers this morning. >> you're surrounded, soledad. >> connie mack is with us this morning and mary bono mack. i'm used to it on this show. it's interesting to hear boehner saying, listen, nowh
in something like, what, 29 days now we're going to hit the fiscal cliff. spending cuts, tax hikes. until lawmakers can reach a deal. house speaker john boehner pr pretty blunt on on where he felt the cliff negotiations were standing. listen. >> i would say we're nowhere. period. we're nowhere. we've put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. >> the nothing he's talking...
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the entire scenario playing out is the fiscal cliff ends up being bullish no matter what. spending cuts makes bonds rise, yields fall and making stocks paradoxically even more attractive. they become the new bonds. >> alan, can you tell from option activity which way the markets are betting right now, presuming that not going over the fiscal cliff would be positive for stocks and going over the cliff would be negative? what's the market betting on right now? >> well, i won't even make that presumption because we don't focus on what the event is. we focus on how the market is going to react. the vix has increased a little over the last week or so, but it's still at a historically low level. i think i'm very encouraged by the price action we've seen where we made this bottom and followed through last week, which is key, and we're holding strong this week. i i think the key for the market is to follow the dollar. we're below 80. that can really add another boost to the markets over the longer term. that's positive for corporations to get some more growth out of this overall s
the entire scenario playing out is the fiscal cliff ends up being bullish no matter what. spending cuts makes bonds rise, yields fall and making stocks paradoxically even more attractive. they become the new bonds. >> alan, can you tell from option activity which way the markets are betting right now, presuming that not going over the fiscal cliff would be positive for stocks and going over the cliff would be negative? what's the market betting on right now? >> well, i won't even...
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i think this is the first of many fiscal cliffs to come, if you will, much like debt ceilings of the 1980s. i think most investors have already done what they need to do for the fiscal cliff. it is called diversification. beyond that, i think they should focus more on what's going to be left after the cliff -- >> where can you hide? where can you diversify away from the fiscal cliff in minibonds? that's boring! >> well, i think you're sufficiently diversified. everyone should own a little bit of everything, stocks, bonds, commodities, overseas markets as well as domestic and real estate. and that's good enough. but i think if you do much more than that in anticipation of this, i think you're going to do yourself a disservice. i think it is better to focus on what we're going to return to very quickly after the end of this month or maybe a couple weeks into january and that's the fundamentals on the ground. they to me are looking better and better. >> you're a rich, successful guy. you're probably the mayor of minneapolis de facto. right? you got gold bars stashed in your garage out b
i think this is the first of many fiscal cliffs to come, if you will, much like debt ceilings of the 1980s. i think most investors have already done what they need to do for the fiscal cliff. it is called diversification. beyond that, i think they should focus more on what's going to be left after the cliff -- >> where can you hide? where can you diversify away from the fiscal cliff in minibonds? that's boring! >> well, i think you're sufficiently diversified. everyone should own a...
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well, the whole fiscal cliff fight is supposed to be about cutting our ballooning debts. so why is the president not proposing a quarter trillion dollars in new spending? the question is also up next. plus, lindsey graham not missing words about the possibility of closing this prison camp and moving the prisoners here is michelle malcolm joins me live to discuss why he might not get his wish. and a desperate search effort. see why the young girl's mother is the prime suspect in removing her from the hospital. >> we were seeing them by the front entrance. and they walked into the bathroom. they disconnected her from her id and just walked up the front door and got into the car. [ male announcer ] if you're eligible for medicare, now is a good time to think about your options. are you looking for a plan that really meets your needs and your budget? as you probably know, medicare only covers about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standard
well, the whole fiscal cliff fight is supposed to be about cutting our ballooning debts. so why is the president not proposing a quarter trillion dollars in new spending? the question is also up next. plus, lindsey graham not missing words about the possibility of closing this prison camp and moving the prisoners here is michelle malcolm joins me live to discuss why he might not get his wish. and a desperate search effort. see why the young girl's mother is the prime suspect in removing her...
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tell us about fiscal cliff. are you worried about the fiscal cliff? >>guest: you bet your life. people in my district are, small business people if my district are concerned about it. people have to plan not just for the bill of today but the bills and the tax responsibilities they are going to have if tomorrow. i listened to a previous guest, the people, the small business people in my community, 97 per science -- percent to not make $250,000 a year personal salaries so they are not affected by the top 2 percent. having said that, they want people to get back to work. people to have jobs to have incomes to buy from the small business people. blue are small or large you want to know which, how are the laws going to be, what are the tax lie bills going to be, and this congress owes it to the american people to tell them. >>eric: congressman, america has always been about hard working people earning, creating jobs, creating opportunity, passing a better life on to the next generation, to their kids, i don't know, at some point maybe you say it is time to man up, go over the fiscal
tell us about fiscal cliff. are you worried about the fiscal cliff? >>guest: you bet your life. people in my district are, small business people if my district are concerned about it. people have to plan not just for the bill of today but the bills and the tax responsibilities they are going to have if tomorrow. i listened to a previous guest, the people, the small business people in my community, 97 per science -- percent to not make $250,000 a year personal salaries so they are not...
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until they fix the fiscal cliff. at least let's fix the fiscal cliff and make sure that american families aren't faced with possible larger tax bills come january. >> wouldn't it just make you feel better if you didn't feel that the real reason we're goeng to get a fiscal cliff resolution, whether tas little tinkering or something bigger wasn't because they wanted to be home for christmas. >> i certainly don't think they should go home before the situation is resolved, but i also think when you're looking at what kind of congress you want, you want a responsive congress, rooted in american communities, not inside the beltway. >> you would want mondays and fridays off, too, and you're trying to make the argument. >> americans want their leaders to work, period. >> thanks to both of you. "outfront" next, breaking news. the billionaire software tycoon is on the run and martin savidge just literally caught him. he was running. he's going join us with that right after this. he's getting it ready for you at this instant an
until they fix the fiscal cliff. at least let's fix the fiscal cliff and make sure that american families aren't faced with possible larger tax bills come january. >> wouldn't it just make you feel better if you didn't feel that the real reason we're goeng to get a fiscal cliff resolution, whether tas little tinkering or something bigger wasn't because they wanted to be home for christmas. >> i certainly don't think they should go home before the situation is resolved, but i also...
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. >>> our country will be heading over the fiscal cliff that we ourselves dug and put in our way. it's the set of automatic spending cuts and tax hikes that can only be averted if our nation's leaders are able to display bear bones competence and middle school-level maturity. so is there a deal? >> there's, of course, no deal. >> of course! is there a prospect for a deal? >> there's not a prospect for a deal. >> of course! but the ongoing talks. >> there aren't even very many talks going on. >> you're killing us! give us something. >> but for the first time, there are numbers on pieces of paper from both sides. >> numbers on paper! >>> good morning. it's wednesday, december 5th. welcome to "morning joe." live in the nation's capital. this is exciting. and you know, i said, let's do a show from washington, d.c., because they get so much stuff done there. it's like silicon valley. and going there when steve jobs was really bringing apple to the forefront -- >> a happening place. >> it is. it's where things happen. that's why we're here, steve rattner. >> washington is the place. wit
. >>> our country will be heading over the fiscal cliff that we ourselves dug and put in our way. it's the set of automatic spending cuts and tax hikes that can only be averted if our nation's leaders are able to display bear bones competence and middle school-level maturity. so is there a deal? >> there's, of course, no deal. >> of course! is there a prospect for a deal? >> there's not a prospect for a deal. >> of course! but the ongoing talks. >> there...
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cliff. i think the shared concerns of governors that we address are fiscal challenges in a way that ensures the economy continues to grow and create jobs. with that, i'll take your questions. >> thanks, jay. two questions. in the bloomberg interview, the president was asked whether tax rates on the wealthiest americans have to go to the clean ton levels, 39.6% now. is that a red line? he never answered it directly, a process where rates could go down next year as far as tax reform. you talked with fiscal rates need to go up. what he campaigned on was the 39.6 at the end of the year. is that the case? >> so, let me say this, the president has been absolutely clear, as have i, that rates have to go up on top earners, on millionaires and billionaires, those making over $250,000. the president made that clear all yearlong and clear in the post-election period being engaged in conversations with congress about how to deal with the fiscal cliff, and our long term deficit challenges. we have yet to
cliff. i think the shared concerns of governors that we address are fiscal challenges in a way that ensures the economy continues to grow and create jobs. with that, i'll take your questions. >> thanks, jay. two questions. in the bloomberg interview, the president was asked whether tax rates on the wealthiest americans have to go to the clean ton levels, 39.6% now. is that a red line? he never answered it directly, a process where rates could go down next year as far as tax reform. you...
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are you expecting the economy to go over the fiscal cliff and see these taxes go high hadder and spending cuts take effect? >> my personal view is i'm still optimistic. i think the conversation has been constructive since. do we have a solution on the table yet? no. but i'm optimistic we'll get to a framework. >> why? >> there's been enough dialogue. there's been movement. everyone seems to recognize the problem. everybody realizes there has to be a revenue component, spend component, entitlement reform component. for us, the business community and all the ceos, certainty is the greatest stimulus for us. >> do you support tax rates going higher? >> me personally, as an individual, more importantly the business community, which i'm part of. we support something inclusive. if rates were higher in a videocasset vacuum, i'm not sure we'd be supportive of that. we have to make sure the consumers, those who spends a lot of the dollars, the middle class, are protected in this exercise. >> i guess the question i'm really getting at is, do you get the revenue from tax increases or from broadening
are you expecting the economy to go over the fiscal cliff and see these taxes go high hadder and spending cuts take effect? >> my personal view is i'm still optimistic. i think the conversation has been constructive since. do we have a solution on the table yet? no. but i'm optimistic we'll get to a framework. >> why? >> there's been enough dialogue. there's been movement. everyone seems to recognize the problem. everybody realizes there has to be a revenue component, spend...
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look, i'm as aggravated as you are about the lack of progress over the fiscal cliff. is there progress? is there no progress 123 are the democrats giving? have they given? the only thing given that i know is the tablet. that's what i want to spend a moment on while we bemoan is the farce that is washington. one of the worst aspects of this era where we have to hang on the word of every people who frankly aren't actually trying to make us any money, and if anything want to take it from us, is there are companies doing amazing things, soen in the interests of reminds us some companies are doing great things that can make you money, i want to celebrate the products of three terrific companies as well as their stocks, because after all this is "mad money," not mad tablets. first one of my favorses is the column that consequence taply amazes me, david pentagon, the "new york times" writer who opines brilliantly in a can't-miss column about tech products. i love this guy. today's product starts several enough, a segment of an npr-call-in seg meant that he was going to offer
look, i'm as aggravated as you are about the lack of progress over the fiscal cliff. is there progress? is there no progress 123 are the democrats giving? have they given? the only thing given that i know is the tablet. that's what i want to spend a moment on while we bemoan is the farce that is washington. one of the worst aspects of this era where we have to hang on the word of every people who frankly aren't actually trying to make us any money, and if anything want to take it from us, is...
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the fiscal cliff, the thing we have continued to look at is our economy. today in the whip's office we will have small family-owned businesses in there and talk about ways to protect the family business, continue to grow while at the same time make sure we solve this fiscal cliff. look, each and every day as we walk the halls, you continue to ask the questions. you want the answers to solving the fiscal cliff. we put the offer on the table and the president now has to engage. the next 72 hours are critical. if he sits back and continues to play politics, that will give you the answer of where we're going. this is the opportunity for the country to lead and opportunity for the president to lead. >> as these fiscal cliff negotiations and debate continues, i think it's important to remember that washington doesn't have a revenue problem, it has a spending problem. and under this administration, under president obama, we have seen record deficits and a record debt accumulate, and yet he keeps demanding that we have seen record deficits and a record debt accumu
the fiscal cliff, the thing we have continued to look at is our economy. today in the whip's office we will have small family-owned businesses in there and talk about ways to protect the family business, continue to grow while at the same time make sure we solve this fiscal cliff. look, each and every day as we walk the halls, you continue to ask the questions. you want the answers to solving the fiscal cliff. we put the offer on the table and the president now has to engage. the next 72 hours...
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. >> soledad, the fiscal cliff debacle, with 28 days remaining before drastic tax hikes and spending cuts take effect, a republican spending plan has been rejected by the white house. brianna keilar is live from washington. what now, brianna? >> well, right now it's about the pressure building and the clock kicking, zoraida. as house republicans in the white house try to ultimately broker a deal between two very different plans. house speaker john boehner's counteroffer, if you take a look at the headlines from this $800 billion in what would be savings from tax reform. so that is new tax revenue. but not done by increasing income tax rate on the wealthiest. but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medicare, and doing some cuts there under this plan. but compare it to the white house plan, very different than what's on the table there. $1.6 trillion in new taxes. that is two times the amount in the boehner plan, and also, of course, includes increasing those in
. >> soledad, the fiscal cliff debacle, with 28 days remaining before drastic tax hikes and spending cuts take effect, a republican spending plan has been rejected by the white house. brianna keilar is live from washington. what now, brianna? >> well, right now it's about the pressure building and the clock kicking, zoraida. as house republicans in the white house try to ultimately broker a deal between two very different plans. house speaker john boehner's counteroffer, if you take...
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cliff and talking about raising taxes that will not put a dent in the spending, so what is the answer? >> gretchen: the suggestion i make let's go back to the programs we had five or six years ago. there was a safety net five or six years ago. if you lost your job in 2006, you got some help but not the type of help people have got since then. we go back to that situation and maybe we have a hope much having a labor market go back to the way it was five or six years ago. >> gretchen: professor which politician, republican or democrat is going to be doing what you just said? >> not the ones from my district. >> gretchen: i mean, they are in eight bind are they not? republicans and democrats are in a bind. will be the one to come to the podium and say let's stop those unemployment benefits. >> it is a bind and the europeans worked it out before . they found helping for the unemployed is politically popular and economically damaging and they did it for decade upon decade and continue to do it. and so yeah, i am not optmistic that we will go back to where we were five years ago it is feasi
cliff and talking about raising taxes that will not put a dent in the spending, so what is the answer? >> gretchen: the suggestion i make let's go back to the programs we had five or six years ago. there was a safety net five or six years ago. if you lost your job in 2006, you got some help but not the type of help people have got since then. we go back to that situation and maybe we have a hope much having a labor market go back to the way it was five or six years ago. >> gretchen:...
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the responsibilities on the fiscal cliff -- if the program put in place is more taxes and big spending cuts, which will push us toward a recession, forgive it. and that's what we're getting. more taxes and big spending cuts. so the idea here is this sort of overall concern that the fiscal cliff issue, even if it's resolved, means more austerity. and that's a problem overall for the markets here. take a look, though. we've held up reasonably well in the ism manufacturing. this goes back for the last several years. the big concern here is the trend basically has been down. we've been sideways for a couple months. and now four out of six months showing contraction. in terms of the market, we're still continuing to hold up pretty well. you notice we don't get any real panic here. that's because of the seasonal time of the year, partly. december to january. very big, strong two-month combination. a lot of people try to get in december, ahead of -- beginning of the month buying in january. the news has been manageable in europe. you heard from simon, middle east has been a bit calmer in the
the responsibilities on the fiscal cliff -- if the program put in place is more taxes and big spending cuts, which will push us toward a recession, forgive it. and that's what we're getting. more taxes and big spending cuts. so the idea here is this sort of overall concern that the fiscal cliff issue, even if it's resolved, means more austerity. and that's a problem overall for the markets here. take a look, though. we've held up reasonably well in the ism manufacturing. this goes back for the...
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jon: talk about government spending, we've got that fiscal cliff coming up january 1. might this conversation somehow be used to make some progress on that? >> reporter: it could because of the fact the other person on mitt romney's schedule today is congressman paul ryan, the house budget chairman. of course was his running mate back during the campaign. paul ryan has a key role in these budget talks of course as well. where they stand, a short time ago vice president biden went to a local costco here in washington, d.c., proclaimed himself optimistic they would get a deal. the fact of the matter yesterday, erskine bowles, a key player as well, saying he is slightly pessimistic. he says there is 2/3 chance they will go off the fiscal cliff. that is not what the markets want to hear, jon. jon: not at all. ed henry at the white house. if jay carney relents and let you into the meeting give us a shot. we'll be on air. >> reporter: i will give you a copy of the menu. jon: please do, thanks. jenna: we'll forget about politicians just for a moment. i promise we'll return th
jon: talk about government spending, we've got that fiscal cliff coming up january 1. might this conversation somehow be used to make some progress on that? >> reporter: it could because of the fact the other person on mitt romney's schedule today is congressman paul ryan, the house budget chairman. of course was his running mate back during the campaign. paul ryan has a key role in these budget talks of course as well. where they stand, a short time ago vice president biden went to a...
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i think it's better than buying the shares back at this point because of this looming fiscal cliff and i think all these 103 companies that have done so are addressing exactly that fact, and i do hope that we can get our spending under control like he has in ethan allen. >> all right. good last word on that topic. up next, the case for a euro rally when we come back in about two minutes. [ male announcer ] trading's like a high-speed train. and you don't want to miss it with thinkorswim by td ameritrade. you get knock-your-socks-off tools, simple one-click orders, real-time paper trading to hone your skills, plus anytime you need it support. ♪ stocks, options, futures, and forex. get your trading on track. thinkorswim by td ameritrade. trade commission free for 60 days, plus get up to $600 when you open an account. >>> welcome back to the halftime show. eu finance ministers clashing today over a banking supervision plan. i hate when they do that will renewed arguments mean an end to the euro rally as we know it heading into 2013? ask kathy lean of bk asset management. she is live in
i think it's better than buying the shares back at this point because of this looming fiscal cliff and i think all these 103 companies that have done so are addressing exactly that fact, and i do hope that we can get our spending under control like he has in ethan allen. >> all right. good last word on that topic. up next, the case for a euro rally when we come back in about two minutes. [ male announcer ] trading's like a high-speed train. and you don't want to miss it with thinkorswim...
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you get a fiscal cliff deal, you'll have tax increases and spending cuts. they'll cut 1%, 1.5% off gdp. that's not good for stock market in 2013. you don't get a deal, you get mandatory spending cuts that will be worse. meantime, there are shorter term worries. how about getting through today? how do you go long or short here today when over the weekend anybody -- i mean almost anybody, can appear on a sunday talk show and make some inflammatory comment about the fiscal cliff not working, it's a mess, it's never going to happen and then you wake up and you're down 15 points monday morning. that's a problem figuring out what to do over the weekend. it could go the other way. generally it's a little bit more on the gloomy side. then you have the problem with december. we're going into the last month. today is the last day of november. people are behind the curve. a shocking number of people i spoke to are below whatever their benchmark is. do you lighten up? do you stay long what you got? it's hard to maneuver around because you need to get outperformance. yo
you get a fiscal cliff deal, you'll have tax increases and spending cuts. they'll cut 1%, 1.5% off gdp. that's not good for stock market in 2013. you don't get a deal, you get mandatory spending cuts that will be worse. meantime, there are shorter term worries. how about getting through today? how do you go long or short here today when over the weekend anybody -- i mean almost anybody, can appear on a sunday talk show and make some inflammatory comment about the fiscal cliff not working, it's...
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cliff or whether a deal is reached to avert that, middle class taxes are going up, and so is spending. so there's a lot of cynicism in this process. >> real quick -- >> that's why the president has the edge. >> bottom line, the republicans are poised to take a fall? is that what your numbers show you? >> they are poised to take a hit on this right now. longer term, tim pact will weigh on the obama administration if the economy doesn't recover. >> all right. many thanks, scott rasmussen, appreciate it very much. >> thanks. >>> with just 26 days until we fall off the tax and fiscal cliff, two dozen house republicans have apparently defected from the boehner plan and signed a bipartisan letter with democrats. people are now asking is there a fallback position for the gop? well, here now to tell us is house majority whip california republican kevin mccarthy, the number three man. mr. mccarthy, as always, thank you for coming back on the show. can i get your comment on this letter, two dozen republicans, they're talking about tax rate flexibility along with a bunch of democrats. what's you
cliff or whether a deal is reached to avert that, middle class taxes are going up, and so is spending. so there's a lot of cynicism in this process. >> real quick -- >> that's why the president has the edge. >> bottom line, the republicans are poised to take a fall? is that what your numbers show you? >> they are poised to take a hit on this right now. longer term, tim pact will weigh on the obama administration if the economy doesn't recover. >> all right. many...
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. >>> up first, president obama standing his ground over the fight in the fiscal cliff. americans face crushing tax hikes and severe spending cuts in 27 days if democrats and republicans cannot come together on a deal. by the way, congress breaks for the holidays in ten days. slash that number. in an interview with bloomberg news, the president made it crystal clear he's not about to blink on the issue of tax hikes for the wealthiest americans. >> we'll have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> white house correspondent dan lothian joins us live from washington this morning. very nice to see you, dan. >> good to see you. >> here's the deal. we have republicans pitted against democrats. now we understand there are issues amongst republicans as well. >> that's right. they're in a tough spot here. they don't want to be in left in a position of being blamed for the fiscal cliff. you're seeing a division between house members and senate members. the reason for this is mainly over the 800 billion in new tax revenue.
. >>> up first, president obama standing his ground over the fight in the fiscal cliff. americans face crushing tax hikes and severe spending cuts in 27 days if democrats and republicans cannot come together on a deal. by the way, congress breaks for the holidays in ten days. slash that number. in an interview with bloomberg news, the president made it crystal clear he's not about to blink on the issue of tax hikes for the wealthiest americans. >> we'll have to see the rates on...
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that's the fiscal cliff as we face the deadline. the president gave a speech that struck me. let's listen to what barack obama had to say. >> i want you to call, i want you to spend an e-mail, post on their facebook wall. if you tweet then use the hashtag we're calling my2k. it's about your 2k in your pocket. >> that's a reference to the administrati administration's argument that if congress does nothing the average middle class will lose $2,000 a year. i'm just struck the president is using this twitter hash tag. >> i guess it's the new call your congressman and let him know how you feel. i'm not sure it's going to increase pressure on republicans. it's going to make the president's core support eers fl engaged after the race is over. i have hard time to believe the republicans will be worried about the number of tweets. >> they've tried to fight back. they bought this my2k, so when you search you get the heritage take on it. social media platform is not to be minimized. >> the study has proven that facebook can increase voter turn out. we will know if the white house has r
that's the fiscal cliff as we face the deadline. the president gave a speech that struck me. let's listen to what barack obama had to say. >> i want you to call, i want you to spend an e-mail, post on their facebook wall. if you tweet then use the hashtag we're calling my2k. it's about your 2k in your pocket. >> that's a reference to the administrati administration's argument that if congress does nothing the average middle class will lose $2,000 a year. i'm just struck the...
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. >> for the first time, plan for massive spending cuts from going over the fiscal cff warning business executives, the economy could take another hit if republicans cide to extend just to middle class tax cuts to avoid the cliff for now and come back next year with more leverage to tie spending cuts and medicare reform to another hike in the nati's debt ceing. >> we're not going to play that game next year. if congress, in any way suggests they tie negotiations to debt ceiling votes, and take us to the ink of default again as part of a budget negotiation, i will not play that game. >> republicans held their meeting with small business owners and denied they are trying to punt until next year. >> i'll be here. i'll be available at any moment to sit down with the president to get serious about solving the problem. >> they noted the president has not scheduled any meetings with g.o.p. leaders in weeks and not offered a counterproposal to boehner's plan from last week. >> frankly, it was the balanced apoach the president's be asking for. we need a response from the white house. >> reporter
. >> for the first time, plan for massive spending cuts from going over the fiscal cff warning business executives, the economy could take another hit if republicans cide to extend just to middle class tax cuts to avoid the cliff for now and come back next year with more leverage to tie spending cuts and medicare reform to another hike in the nati's debt ceing. >> we're not going to play that game next year. if congress, in any way suggests they tie negotiations to debt ceiling...
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Dec 5, 2012
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cliff. >> first, the fiscal cliff, relative to our nation's spending driven debt crisis is a pothole. you've got 0.3% of all americans that have million dollar incomes. this is a shell game. you can't tax your way out of this problem. i mean, you have revenues that are about the same levels they were five or six years ago, when deficits were running $100, $150 billion. now we know deficits are running $1 to $1.5 trillion. what's changed is on the spending side yet all this discussion is on the tax revenues. you can tax every millionaire 100% and run the government for two or three months. this is a spending driven crisis and it has to be solved on the spending side. until the president gets serious about it, i'm not sure what there is to talk about, soledad. >> i'm not sure that the only conversations have just been on the tax side. i actually think there have been conversations on both. at this moment, right, we're going over or toward the fiscal cliff. if you do nothing, all of our taxes are going up. why not, as a first move, say, listen, nobody at this point wants to raise taxes
cliff. >> first, the fiscal cliff, relative to our nation's spending driven debt crisis is a pothole. you've got 0.3% of all americans that have million dollar incomes. this is a shell game. you can't tax your way out of this problem. i mean, you have revenues that are about the same levels they were five or six years ago, when deficits were running $100, $150 billion. now we know deficits are running $1 to $1.5 trillion. what's changed is on the spending side yet all this discussion is...
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Nov 30, 2012
11/12
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the reason we find ourselves about to go off the fiscal cliff with the automatic spending cuts, in part is because back in 2011, they wanted to raise the debt ceiling and the republicans said you cannot do it unless we do spending cuts. we cannot just do deficit spending. so they agree, they cut this deal, now the democrats are going to the republicans and saying, forget that. let's just in the position to get rid of it. what on earth would make them think that republicans would agree to that? >> because the president thinks he has a mandate from the whole country. he thinks he can get anything he wants. i am sure that alan colmes loves this idea. here are the problems. the congress has the authority to authorize the debt. they also have the authority to authorize the bill that pays the debt. so now the president wants to take that away. this guy has shown a tendency to say that i don't need congress. i can pass laws with a stroke of a pen on executive orders. he doesn't need the supreme court because he declares laws unconstitutional, like doma. he says he wants an unlimited credit car
the reason we find ourselves about to go off the fiscal cliff with the automatic spending cuts, in part is because back in 2011, they wanted to raise the debt ceiling and the republicans said you cannot do it unless we do spending cuts. we cannot just do deficit spending. so they agree, they cut this deal, now the democrats are going to the republicans and saying, forget that. let's just in the position to get rid of it. what on earth would make them think that republicans would agree to that?...